Ready to sell your home in Colorado Springs?
It may be winter but the Colorado’s sellers market is so hot right now. Home prices have been on the increase for years and there is a huge demand for homes in the state. In terms of nationwide online reports, top markets in sales and price appreciation, Colorado boasts loads of cities in the top 20. Denver comes in at 3rd place followed by Colorado Springs in 11th position, and squeaking into 18th place is Boulder.
Freddie Mac uses the Multi-Indicator Market Index (MiMi) to score the U.S. housing market and they placed Colorado 2nd after Utah. They state that Colorado’s MiMi value is at 97.8 while the national value is 86. Fanny Mae echoes this sentiment saying it is the best time to sell property.Colorado has experienced several years of double-digit home price gains and you could be on the receiving end of this good fortune.
Homes are also selling really fast, averaging around only 36 days listed before they sell. Nationally this figure sits at 77 days. What makes this such a great time to sell a home in Colorado is the shortage of listed properties. There is a low inventory and a high demand and this obviously means the buyer is able to make a sizeable profit on their investment.
In 2016 the median home value increased by 13% from 2015 putting the average home values at $298,500. Predictions for 2017 sees the value increasing by at least 4.2% in the coming year. Another plus for the positive home value is that there is a very low foreclosure rate in Colorado. The figure stands at about 1.1 homes per 10,000 which is remarkably lower than the national average of 3.1%.
Some headlines about the Colorado sellers market in 2016 included:
- Home Values Rise Higher in August-up 5% nationwide over a year ago – DS News
- Area home prices still surging-median home price $265,000 – Colorado Springs Gazette Sept. 8, 2016
- New home sales near a 9-year high-across the US – Colorado Springs Gazette Oct. 27, 2016
Selling Like Hot Cakes
The number one market is Denver. The neighborhood of Aurora has seen an 18.6% increase through 2016 and is expected to rise by another 8%. The median home value here is $250,700. Over a period of four years this value has increased by $100,000. The area sports low unemployment rates, a new commuter train and a healthy income growth which have drawn people to the area. The result has seen higher property values which makes it a phenomenal sellers market. The housing recovery over the last three years has truly favored the seller and one should capitalize on this abundant time.
Boulder is home to one of the country’s most expensive housing markets. This has not resulted in less sales, with the median home value resting at around $640,900. One of the biggest reasons for the continued rise in property is that there is insufficient land to build single family homes. The properties being developed tend to be multi-family developments. If you have a home in this area that you wish to put on the market you can be sure to sell it quickly and for much more than the asking price. Boulder is soon going to be on par with the real estate prices in Aspen. If you’re looking to sell in Fort Collins the good news continues. Scarcity of land to build new houses drives up the prices of existing single family homes. (13.3% value increase in the last year). These are just a few of the areas experiencing this growth in Colorado.
If you’re a seller, you are in an advantageous position due to the increased competition for houses in your area. You can be sure of a better price than you imagined and a more certain closing. Buyers who are desperate to own property in the area are going to have a lot fewer conditions and probably be more accommodating throughout the sales process.
The Wheel Turns
While all of these stats point to increasing home values, you also don’t want to hold out too long. The fed continues to predict that higher rates are coming as we all know that the real estate market is cyclical. Higher rates equal downward pressure on house prices by limiting demand. Don’t wait to sell as we might be entering a cycle that could see weaker home price appreciation. If you’re going to sell –now is the time to contact an experienced real esate agency in Colorado Springs.